Freeport-McMoRan Agrees to Sell Its Deepwater Gulf Assets

Freeport-McMoRan will sell its deepwater Gulf of Mexico oil and gas properties to Anadarko Petroleum Corp. for $2 billion.

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BATON ROUGE, La. (AP) — Freeport-McMoRan will sell its deepwater Gulf of Mexico oil and gas properties to Anadarko Petroleum Corp. for $2 billion.

The Advocate reports the Phoenix-based company said Monday the sale was part of a broader strategy to shed debt and concentrate on its copper business.

Richard Adkerson, Freeport-McMoRan's president and CEO, said that the company has sold more than $6 billion in assets this year.

The transaction, which also includes a potential $150 million in contingent payments, is expected to close in the fourth quarter.

In 2007, Freeport-McMoRan relocated its headquarters from New Orleans after completing a $25.9 billion buyout of Phelps Dodge Corp. in Phoenix.

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